Recover from Vacation Overspending and Avoid Costly Rental Property Management Mistakes

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 2 June 2025

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Reset your vacation budget and learn about the real work it takes to manage a rental property as a new or aspiring landlord. How can you get back on budget after overspending on vacation? What should you know before turning a home into a rental property? Hosts Sean Pyles and Elizabeth Ayoola discuss navigating the financial aftermath of travel and break down the real-world expectations of becoming a landlord. Joined by Lisa Green, NerdWallet writer and experienced rental property owner, they discuss the practicalities of managing a rental and share firsthand budgeting wins and miscalculations from recent international trips. They begin with a discussion of post-vacation budget resets, with tips and tricks on embracing no-spend months, identifying emotional spending triggers, and realigning with financial goals. Then, Lisa Green joins Sean and Elizabeth to discuss rental property ownership. They talk about what it takes to manage a property, the role of property managers vs. DIY, and how taxes, legal structures, and financing strategies work when building a long-term rental portfolio. In their conversation, the Nerds discuss: how to manage a rental property, post-vacation budgeting, rental property taxes, passive income rental property, cost of property management, rental property depreciation, rental property LLC pros and cons, travel spending budget tips, managing a rental from afar, all-inclusive vacation budgeting, is passive income really passive, how to budget for vacation, how to rent out your house, first-time landlord advice, LLC vs trust for rental property, owner-occupied rental property, how to start a rental property business, multifamily property investment, rental property tax benefits, short-term loan for real estate, rental property umbrella insurance, refinancing a rental property, how to avoid selling your house, budgeting after vacation, rental property record keeping, rental property write-offs, and how to buy your second property. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, Sean, did you know that new data from the UK government found a record number of Americans applied for British citizenship in the first three months of 2025?
0:10.7	Elizabeth, I did not know that, but having just returned from 10 days in the UK, I can absolutely see why.
0:16.8	And also, Sean, judging by your Instagram updates, yes, I was stalking them, you seemed to love it.
0:23.8	So we the people want to know if you'll also be applying for citizenship too.
0:28.8	I don't have any plans to change my citizenship immediately, but I will be returning to the UK just as soon as I can.
0:39.3	Welcome to Nerd Wallet's Smart Money podcast, where you send us your money questions
0:43.3	and we answer them with the help of our genius nerds.
0:46.3	I'm Sean Piles.
0:47.3	And I'm Elizabeth Ayola.
0:49.3	This episode, we answer a number of questions about how to manage a rental property. Questions that come from a
0:56.0	certain co-hosts, him, of mine. Yes, I'm in the process of renting out my home, and I want to make
1:02.3	sure I'm doing it the right way, as in the nerdy way. But before we get into that, Sean, you just
1:08.1	got back from London, and I want to hear all about your trip.
1:11.8	Yes, I just spent 10 days there, as I said. I was touring gardens around England with some of my
1:17.0	college friends. I spent a lot of time in London. I saw one of my favorite bands, the
1:21.5	Scissor Sisters. I had a wonderful time. It was hard to get back on the plane coming home, for
1:26.8	sure. So I have two questions that come to mind. One, we're going to start with how was the weather
1:30.9	because the Brits are known for the gloomy weather. Weather was surprisingly beautiful.
1:35.2	I guess they've been having a drought, and so everyone that we talked with was kind of bemoaning that.
1:39.1	But what that meant was that everything was in bloom all at once. There were roses and irises and camellias
1:46.1	and just everything that should be more staggered, blooming-wise, kind of weirdly was all out at
1:51.0	once. And while people were freaked out about it, I was really loving it. I had a great time.
	...

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